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Glimcher and Blackstone affiliate to acquire Pearlridge Center

Honolulu Columbus, Ohio-based Glimcher Realty Trust said that it has entered into an agreement along with an affiliate of Blackstone Real Estate Advisors to purchase Pearlridge Center in Honolulu for $245 million.

The transaction is anticipated to close in fourth quarter 2010. Pearlridge will be acquired by a joint venture that is owned 80% by an affiliate of Blackstone Real Estate Advisors and 20% by an affiliate of Glimcher.

Glimcher will lease and manage the property.

“Pearlridge Center is a highly productive and well-occupied mall that fits perfectly within our strategy of upgrading the quality of our real estate portfolio,” said Michael P. Glimcher, chairman of the board and CEO.

Pearlridge is the second largest mall in Hawaii with a total leasable area of over 1.0 million sq. ft. It is 99% occupied.

*** ALERT: Glimcher Unethical Leasing & Business Practices

*** ALERT: Glimcher Unethical Leasing & Business Practices

If Glimcher changes their mind on a tenant, they makes it a normal business practice to defraud tenants out of construction allowances while tenants are then forced to battle out with sub-contractors and general contractors to stay afloat and avoid liens. They then swoop in to settle for pennies on the dollar with general contractors to regain spaces, and then sue tenants back in bad faith to recoup any expenses even after they re-lease, thus gaining undue enrichment by double-dipping.

This is how a developer gets their units built out with someone else's money at a significant savings. Those wise enough to negotiate leases properly and don't move in as a result until get paid still get sued by their $500 + per/hr attorneys. Those pressured to go in get stiffed and are out in the cold.
Many tenants have left and more leaving the development.
Leasing representative located at Scottsdale Quarter revealed inside information on how it's done.

Glimcher has hundreds of cases in litigation nationwide and many are just like this.

Stockholders, analysts and potential tenants beware.

© 2014